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HARRY HUGHES, Governor
3891
BY repealing and reenacting, with amendments,
Article 48A - Insurance Code
Section 326(b)(1) and (c)
Annotated Code of Maryland
(1979 Replacement Volume and 1983 Supplement)
BY adding to
Article 48A - Insurance Code
Section 339(j)
Annotated Code of Maryland
(1979 Replacement Volume and 1983 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article 48A - Insurance Code
83.
(3) This subsection shall apply to only those policies and
contracts issued on or after the operative date of § 414 (the
Standard Nonforfeiture Law), except as otherwise provided in
paragraphs (a-2) and (a-3) of this subsection for group annuity
and pure endowment contracts issued prior to the operative date.
(a-1) Except as otherwise provided in paragraphs
(a-2) and (a-3) of this subsection, the minimum standard for the
valuation of all such policies and contracts shall be the
Commissioners reserve valuation methods defined in paragraphs
(b-1), (b-2), and (e), 3 1/2 percent interest, or in the case of
policies and contracts, other than annuity and pure endowment
contracts, issued on or after July 1, 1978, 4 percent interest
for such policies issued prior to July 1, 1980, and 4 1/2 percent
interest for policies issued on or after July 1, 1980, and the
following tables:
(i) For all ordinary policies of life insurance
issued on the standard basis, excluding any disability and
accidental death benefits in such policies--the Commissioners
1941 Standard Ordinary Mortality Table for such policies issued
prior to the operative date of subsection (j) of § 414, the
Commissioners 1958 Standard Ordinary Mortality Table for the
policies issued on or after the operative date of subsection (j)
of § 414 and prior to the operative date of subsection (k-1) of §
414, provided that for any category of such policies issued on
female risks, all modified net premiums and present values
referred to in this subsection may be calculated according to an
age not more than 6 years younger than the actual age of the
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